Professional Documents
Culture Documents
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SUBMITTED BY
Jacob Manuel
MBA
Reg. No. 05MJCM6013
LIST OF TABLES
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LIST OF GRAPHS
Graph No.
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1.1
Everyone is exposed to various risks. Future is very uncertain, but there is way to
protect ones family and make ones childrens future safe.
Life Insurance
companies help us to ensure that our familys future is not just secure but also
prosperous.
This study titled Study of Consumers Perception about Life Insurance Policies
enables the Life Insurance Companies to understand how consumers perception
differs from person to person. How a consumer selects, organizes and interprets the
service quality and the product quality of different Life Insurance Policies, offered by
various Life Insurance Companies.
1.2 BACKGROUND OF THE STUDY
Life Insurance is a contract for payment of a sum of money to the person assured on
the happening of the event insured against. Usually the insurance contract provides
for the payment of an amount on the date of maturity or at specified dates at periodic
intervals or at unfortunate death if it occurs earlier. Obviously, there is a price to be
paid for this benefit. Among other things the contracts also provides for the payment
of premiums, by the assured.
Life Insurance is universally acknowledged as a tool to eliminate risk, substitute
certainty for uncertainty and ensure timely aid for the family in the unfortunate event
of the death of the breadwinner. In other words, it is the civilized worlds partial
solution to the problems caused by death. Life insurance helps in two ways dealing
with premature death, which leaves dependent families to fend for themselves and
old age without visible means of support.
LIC
2.
ICICI PRUDENTIAL
3.
TATA AIG
4.
5.
6.
SAHARA LIFE
7.
SBILIFE INSURANCE
8.
9.
OM KOTAK
10.
ALLIANZ BAJAJ
11.
AVIVA
12.
ING VYSYA
13.
14.
METLIFE INSURANCE
15.
SRIRAM SANLAM
16
To carry the research work the researcher has gone through a few reports,
books, journals and websites. The details regarding Life Insurance Industry,
history, origin and growth of the industry is also taken from some books,
magazines etc. The sources of this information is as follows :
2.6
RESEARCH DESIGN:
A research design is a basic plan which guides the researcher in the collection
and analysis of data required for practicing the research. Infant the research
design is the conceptual structure which the research is conducted. It constitutes
the Blue Print for the collection, measurement and analysis of the data. The
study is carried out to understand the Consumer Perception about life insurance
policies in Kottayam City .For this study the researcher used exploratory research
design. This research covers 50 consumers in Kottayam city, belonging to various
age groups.
questions
questions are those wherein the respondent has to merely check the
Appropriate answer from a list of options available. Any doubts raised by the
Respondents were clarified to get the perfect answers from the distributors.
Open-ended questions yielded more insightful information, whereas closedEnded questions were relatively simple to tabulate and analyze.
2.8.2) Secondary Data :
Secondary data means data that are already available i.e. they refer to the data
which have been collected and analyzed by someone and can save both money
and time of the researcher. Secondary data may be available in the form of
company records, trade publications, libraries etc .Secondary data sources are
as follows :
Company Reports
Daily Newspaper
Standard Textbook
Various Websites
and
organizational goals.
3. Marketing Research:
Marketing research is the systematic and objective search for, and analysis
of information relevant to the identification and solution of any problems in
the field of marketing.
4. Consumer Behavior:
Consumer behavior is the study of how individuals make decisions to spend
their available resources [time, money, efforts] on consumption related
items.
5. Consumer Research:
Consumer research is the methodology used to study consumer behaviour.
6. Market Segmentation:
Market segmentation is the process of dividing a market in the distinct
subsets of consumer with common needs or characteristics and selecting
one or more segments to target with distinct marketing mix.
7. Positioning:
Positioning is the act of designing the companys offering and image so that
they occupy a meaningful and distinct competitive position in the target
consumers mind.
8. Perception:
Perception is the process by which an individual selects, organizes, and
interprets information input to create meaningful picture of the world. For
a marketer to influence a motivated buyer to buy their products rather than
a competitors they must be careful to take the perception process into
account while designing their marketing campaigns. Perception therefore
influence what product consumer buys.
9. Brand:
A brand is a name, term, sign, symbol, or design or a combination of them,
used to identify the goods or services of one seller or group of seller and the
differentiate them from those of competitors.
10. Attitude:
An attitude is a person enduring favourable or unfavorable evaluation,
emotional feeling, and action tendencies towards some object or idea
11. Values:
A value is a concept of the desirable. An internalized standard of evaluation
a person possession. These standards determine or guide an individual
evaluation of the many objects encountered in everyday life.
12. Attributes:
Attributes are the strengths and weaknesses of a brand that create attitudes
and are used by consumers to choose between brands that are relatively
similar or functionally equivalent.
2.11 LIMITATIONS OF THE STUDY
Although the study was carried out with extreme enthusiasm and careful
planning there are several limitations which handicapped the research viz.,
1.
Time Constraints:
The time stipulated for the project to be completed is less and thus
there are chances that some information might have been left out,
however due care is taken to include all the relevant information
needed.
2.
Sample size:
Due to time constraints the sample size was relatively small and
would definitely have been more representative if I had collected
information from more respondents.
3.
Accuracy:
It is difficult to know if all the respondents gave accurate information;
some respondents tend to give misleading information
Company
Promoter
Total capital
(Rs crore)
Market share
Based on
Premium
AMP Sanmar
Reliance group
217
0.54
Aviva life
Dabur
459
1.12
Bajaj Allianz
Bajaj auto
368
6.12
HDFC Standard
HDFC
250
2.96
Aditya Birla
400
1.84
1085
7.11
440
0.63
260
0.71
500
1.32
355
0.4
100
0.06
Group
ICICI
ICICI Bank
Prudential
ING Vysya
Kotak Mahindra,
Old
Mutual
Vysya Bank
Kotak Mahindra
Bank
Max India
Met Life
Jammu &Kashmir
Bank
Sahara Life
Sahara India
Insurance
SBI Life
SBI
350
1.52
Tata AIG
Tata group
381
1.78
The likely impact of opening up of Indias insurance sector is that private players
may swamp the market. International insurers often derive a significant part of
their business from multinational operations. Multinational insurers are indeed
keenly interested as; perhaps their home markets are saturated while emerging
countries have low insurance penetration and high growth rates. A small share of a
large and growing market can be profitable and attractive.
Type of life insurance policies
Whole life insurance
Whole life is a form of permanent insurance, with guaranteed rates and guaranteed cash
values. It is the least flexible form of permanent insurance.
Universal life insurance
Universal life is similar to whole life, except that you can change the death benefit (the
money paid to the beneficiary when the insured person dies), the amount of premiums
and how often you pay the premiums.
Variable life insurance
Variable life insurance is the riskiest form of permanent insurance, but it can also give
you the best return for your money. Essentially, the life insurance company will invest
your insurance premiums for you. If the investments do well, the death benefit and cash
value of the policy go up. If they do poorly, they go down. It's a little like putting your
savings into the stock market.
Group life insurance
Many companies allow their employees to buy group life insurance through the company.
Usually, you can get very good rates for this insurance but you have to give the insurance
up when you stop working there. For that reason, group insurance can be a good way to
buy a little extra life insurance, but it does not make sense to make it your main policy.
There are a number of policies for specific insurance needs. Some of these include:
2. Family insurance.
A whole life policy that insures all the members of an immediate family -husband, wife and children. Usually the coverage is sold in units per person, with
the primary wage-earner insured for the greatest amount.
parents or guardians. Such policies are not considered traditional life insurance
because the child is not producing an income that needs to be protected. However,
by buying the policy when the child is young, the parents are able to lock in an
extremely low premium rate and allow many more years of tax-deferred cash value
buildup.
4. Credit life insurance.
This insurance is designed to pay off the balance of a loan if you die before you
have repaid it. Credit life insurance is available for many kinds of loans including
student loans, auto loans, farm equipment loans, furniture and other personal
loans including credit cards. Credit life insurance can be purchased by an
individual. Usually it is sold by financial institutions making loans, like banks, to
borrowers at the time they take out the loan. If a borrower dies, the proceeds of
the policy repays the loan directly to the lender or creditor.
5. Mortgage insurance
This decreasing term coverage is designed to pay off the unpaid balance of a
mortgage if you die before the mortgage is paid off. Premiums are generally level
throughout the term of the policy. The policy is usually independent of the
mortgage, meaning that the financial institution granting the mortgage is separate
from the insurance company issuing the policy. The proceeds of the policy are
paid to the beneficiaries of the policy, not the mortgage company. The beneficiary
is not required to use the proceeds to pay off the mortgage
6. Annuity
An annuity is a form of insurance that enables you to save for your
retirement. Basically, you give the insurance company money for a certain
period of time, and then after you retire they will pay you a certain amount of
money every year until you die. There are many different forms of annuities.
. Most people who buy annuities are 55 or older
LIC is the biggest insurance player in the country. Out of the total premium of Rs
3766 crore generated by the insurance industry through group business in the year
2005-06, LIC alone accounted for Rs 3051 crore.
In the financial year 2005-06, LIC has grown at 30.68%. In respect of number of
lives insured, LIC has shown a growth of over 152%. In respect of number of
schemes, LIC has a growth of 2%. LIC's market share in number of individuals
covered and number of policies stands at 77% and 81%, respectively.
Objectives Of LIC
Spread Life Insurance much more widely and in particular to the rural areas and
to the socially and economically backward classes with a view to reaching all
insurable persons in the country and providing them adequate financial cover
against death at a reasonable cost.
Conduct business with utmost economy and with the full realization that the
moneys belong to the policyholders.
Act as trustees of the insured public in their individual and collective capacities.
Meet the various life insurance needs of the community that would arise in the
changing social and economic environment.
Involve all people working in the Corporation to the best of their capability in
furthering the interests of the insured public by providing efficient service with
courtesy.
Promote amongst all agents and employees of the Corporation a sense of participation,
pride and job satisfaction through discharge of their duties with dedication towards
achievement of Corporate Objective
2)
Endowment Schemes
Bhavishya Jeevan
Jeevan Anand
Anmol Jeevan
Covertible Term
Komal Jeevan
Jeevan Sukanya
Jeevan Kishore
Jeevan Balya
Jeevan Chaya
Marriage/educational annuity
Deffered Endowment
Jeevan Samridhi
Jeevan Surabhi
Jeevan bharathi
Asha Deep II
Jeevan Asha II
Jeevan Aadhar
Jeevan Vishwas
Mortagage redemption
Jeevan sathi
Bima plus.
It has a dedicated and committed advisor sales force of over 21,000 people, working
from 140 branches located in 74 major cities across the country and over 3,000
employees. It also distributes products in close cooperation with the ING Vysya Bank
network. The Company has a customer base of over 4,50,000 & is headquartered at
Bangalore. In 2005, ING Vysya Life earned a total income in excess of Rs. 400 crore and
also has a share capital of Rs. 440 crore.
ING Vysya Life Insurance Company is headquartered at Bangalore and has established a
strong presence in the cities of Delhi, Mumbai, Kolkata, Hyderabad and Chennai. In
addition ING Vysya Life operates in Vizag, Vijaywada, Mangalore, Mysore, Pune,
Nagpur, Chandigarh, Ludhiana and Jaipur.
ING Vysya Life has pioneered product innovations in the Indian life insurance market
with customer-oriented cash bonus endowment and money back products. (Reassuring
Life and Maximising Life), the first anticipated whole life product (Fulfilling Life) and
the first Term/Critical Illness combination product (Conquering Life). Conquering Life is
an innovative term and critical illness product that has been launched recently.
Conquering Life provides affordable term cover and critical illness coverage for 10
critical illnesses of upto 50% of the Sum Assured.
ING Vysya Life Insurance is a joint venture between ING Insurance International BV a
part of ING Group, the world's largest life insurance company . ING Vysya Bank, with
1.5 million customers and over 400 outlets and GMR Technologies and Industries
Limited, part of GMR Group also based in Bangalore and involved in the field of power
generation,
infrastructural
development
and
several
other
businesses.
ING Vysya Life has a paid up capital of Rs.140 crores and an authorised capital of Rs.
200 crores.
Endowment plan
2) Savings plan
Endowment plan
3) Investment Plan
Whole life plan
Limited payment endowment plan
Anticipated whole life plan
4) Retirement Plan
Best years
Childrens Plan
GROUP PLANS
1) Group Term Insurance
2) Development Insurance Plan
Smart kid
Life Time
Save n Protect
Cash Bak
3) Protection plan
Life Guard
Riders
4) Retirement Plans
Forever Life
Reassure
5) Investment Plans
Assure Invest
Life Link
6) Group plans
Group Superannuation
Group Gratuity
Riders
Group Plan
Kotak Term Grouplan
Kotak Gratuity Grouplan
Kotak Credit Term Grouplan
Riders
Exclusions Under Riders
Rural
Kotak Gramina Bima yojana
2) Endowment
3) Money Back
Met Sukh
Met Junior MB
4) Term
Met Riders
Accidental death
Surely, life has its share of ifs. At Birla Sun Life however, they believe it has its equally
pleasant share of buts as well. Birla Sun Life stand committed to help you realise those
happy moments which make a life. Be it living the same lifestyle in your post retirement
days or providing a secure future for your loved ones, in case something happens to you.
The life insurance products offered by the company are
Individual life
Group Life
TABLE 1
AGE OF RESPONDENTS :-
SL.NO
AGE IN YEARS
NUMBER
OF
RESPONDENTS
PERCENTAGE
OF
RESPONDENTS
1.
19 28
28
56 %
2.
29 38
18 %
3.
39 48
12 %
4.
49 58
12 %
5.
59 68
0%
6.
69 78
2%
TOTAL
50
100 %
INFERENCE: The above table classified the respondents according to their age group.
The majority of the respondents belong to the age group 19 to 28 years with 56% and the
second age group is 29 to 38 years with 18%, followed by 39 to 48 years and 49 to 58
years with 12% each.
GRAPH 1
AGE OF RESPONDENTS :-
60%
56%
50%
40%
30%
18%
20%
12%
12%
10%
0%
2%
0%
19 - 28
YRS
29 - 38
YRS
39 - 48
YRS
49 - 58
YRS
59 - 68
YRS
69 - 78
YRS
INTERPRETATION
Majority of the insurance holders are belonging to the age group of 20-30 years.
TABLE 2
TYPES OF
RESPONDENTS
NUMBER OF
RESPONDENTS
PERCENTAGE OF
RESPONDENTS
MALE RESPONDENTS
37
74 %
FEMALE
RESPONDENTS
13
26 %
TOTAL
50
100 %
INFERENCE: This table helps us to understand that there are more number of male
consumers with 74% market share than the female consumers with 26%
market share.
GRAPH 2
DIFFERENCIATION OF THE RESPONDENTS INTO MALE AND FEMALE :-
80%
74%
70%
60%
50%
40%
26%
30%
20%
10%
TS
D
EN
R
ES
PO
N
FE
M
AL
E
M
A
LE
R
ES
PO
ND
EN
TS
0%
INTERPRETATION
Most of the insurance holders are male people, so we can reach a conclusion that the
male people are more aware about the insurance and its importance.
TABLE 3
SL.NO
OCCUPATION
NUMBER OF
RESPONDENTS
PERCENTAGE
OF
RESPONDENTS
1.
STUDENTS
4%
2.
GOVERNMENT
EMPLOYEES
20
40 %
3.
PRIVATE
EMPLOYEES
24
48 %
4.
HOUSE WIVES
4%
5.
RETIRED
PERSONS
4%
TOTAL
50
100 %
GRAPH 3
DIFFERENCIATION OF RESPONDENTS BASED ON THEIR OCCUPATION :-
60%
48%
50%
40%
40%
30%
20%
10%
4%
4%
4%
ED
ET
IR
R
O
U
SE
PE
R
SO
W
IV
ES
YE
ES
TE
VA
PR
I
M
EN
EM
PL
EM
PL
O
YE
ES
TS
EN
D
ST
U
G
O
VE
R
0%
INTERPRETATION
The above graph shows that the employees are the large proportion of insurance holders
compared to other categories.
TABLE 4
SL.NO
INCOME
GROUP
NUMBER OF
RESPONDENTS
PERCENTAGE
OF
RESPONDENTS
1.
LESS THAN
5000
18 %
2.
5001 10,000
17
34 %
3.
10001 15000
14
28 %
4.
15001 20000
14 %
5.
20001 25000
4%
6.
GREATER
THAN 30000
2%
TOTAL
50
100 %
INFERENCE: The majority of dominant income group having life insurance policies
belong to the income group of 5,001 to 10,000, which is middle class group. Followed by
the income group of 10,001 to 15,000.
GRAPH 4
GRAPH SHOWING INCOME GROUP OF RESPONDENTS :-
40%
35%
30%
25%
20%
15%
10%
5%
0%
<5000
5001 1000
INTERPRETATION
The above table shows that most of the consumers of insurance policies are belonging to
the income group of 5000-15000
TABLE 5
SL.NO
ASSETS
NUMBER OF
RESPONDENTS
PERCENTAGE
OF
RESPONDENTS
1.
HOUSE
19
38 %
2.
TWO
WHEELER
26
52 %
3.
CAR
10 %
TOTAL
50
100 %
INFERENCE: This table helps us to know that most of consumers with life insurance
policies own two wheelers with 52%, 19% of consumers own house and 5% of the
consumers own car.
GRAPH 5
DIFFERENCIATION OF RESPONDENTS ACCORDING TO THE ASSETS
OWNED :-
60%
52%
50%
40%
38%
30%
20%
10%
10%
0%
HOUSE
TWO
WHEELER
CAR
TABLE 6
COMPANIES
NUMBER OF
RESPONDENTS
PERCENTAGE OF
RESPONDENTS
LIC
39
78 %
TATA AIG
2%
HDFC
6%
ICICI
8%
MET LIFE
2%
KOTAK
MAHINDRA
2%
ALLIANCE BAJAJ
2%
INFERENCE: This table helps us to understand the market share of different life
insurance companies. LIC has a major share of 78 %, followed by ICICI Prudential with
8% market share, followed by HDFC Standard Life with 6% market share.
GRAPH 6
MARKET SHARE OF DIFFERENT LIFE INSURANCE COMPANIES :-
90%
80%
78%
70%
60%
50%
40%
30%
20%
6%
10%
8%
2%
2%
2%
2%
J
JA
A
B
N
LL
IA
A
TA
ET
IN
LI
FE
I
IC
FC
D
H
IC
M
TA
TA
IG
LI
C
0%
INTERPRETATION
The above graph shows that most of the insurance holders are the consumers of LIC
Since it can be understand that the people are having more trust in the LIC compared to
other private insurance companies.
TABLE 7
SL.NO
ATTRIBUTE
SCORE
RANK
1.
RETURN ON
30
INVESTMENT
2.
COMPANY
REPUTATION
25
3.
PREMIUM
OUTFLOW
22
4.
SERVICE
QUALITY
19
5.
PRODUCT
QUALITY
17
INFERENCE: This table shows the strengths and weaknesses of the brand, and what are
the important criteria or attributes on which decision making is done. From this table we
can infer that consumers give more importance for Return on investment, secondly they
prefer company reputation, and then premium outflow followed by service quality and
product quality.
GRAPH 7
GRAPH SHOWING ATTRIBUTES FROM RESPONDENTS :RANKED ACCORDING TO THE PRIORITY
6
5
5
4
4
3
3
2
2
1
1
A
LI
Q
U
Q
U
PR
O
D
U
C
T
E
VI
C
SE
R
TY
Y
LI
T
TF
LO
W
O
U
IU
EM
PR
N
Y
PA
C
O
M
R
EP
U
IN
VE
N
O
N
R
ET
U
R
TI
TA
ST
M
EN
T
O
N
INTERPRETATION
The above figure shows the strengths and weaknesses of the brand, and what are the
important criteria or attributes on which decision making is done. From this figure we can
infer that consumers give more importance for Return on investment, secondly they
prefer company reputation, and then premium outflow followed by service quality and
product quality.
TABLE 8
SL.NO
FACTORS
SCORES
RANK
1.
PERSONAL
INTEREST
28
2.
FAMILY
16
3.
FRIENDS
4.
AGENTS
5.
ADVERTISEMENT
6.
OTHERS
INFERENCE: This table is helpful in knowing which media is best suitable for
promoting a life insurance product. It can be seen that personal interest influences a
consumers to buy a life insurance product, followed by family, friends , agents and
advertisements.
GRAPH 8
7
6
6
5
5
4
4
3
3
2
2
1
1
S
ER
TH
O
EN
TS
VE
RT
IS
EM
EN
T
D
FR
IE
N
IL
Y
M
FA
PE
R
SO
NA
IN
TE
R
ES
T
INTERPRETATION
The above figure shows that the key factor which influences the consumers to buy the life
insurance product is personal interests, followed by family, friends, agents and
advertisements.
TABLE 9
SL.NO
AMOUNT
NUMBER OF
RESPONDENTS
PERCENTAGE
OF
RESPONDENTS
1.
< 10000
0%
2.
10000
25000
10 %
3.
25000
50000
16 %
4.
50000
100000
15
30 %
5.
> 100000
22
44 %
INFERENCE: It can be inferred that majority of consumers buy the life insurance policy
which costs more than Rs. 1,00,000 followed by Rs. 50,000 tp Rs.1,00,000, followed by
Rs. 25,000 to Rs. 50,000.
GRAPH 9
VALUE OF RESPONDENTS LIFE INSURANCE POLICY :-
50%
44%
45%
40%
35%
30%
30%
25%
20%
16%
15%
10%
10%
5%
0%
0%
> 10000
10000 25000
25000 50000
50000 100000
> 100000
INTERPRETATION
The above figure shows that majority of consumers buy the life insurance policy which
costs more than Rs. 1,00,000 followed by Rs. 50,000 tp Rs.1,00,000, followed by Rs.
25,000 to Rs. 50,000.
TABLE 10
NUMBER OF
RESPONDENTS
PERCENTAGE OF
RESPONDENTS
INSURANCE
COMPANY
24
48 %
BANK
26
52 %
TOTAL
50
100 %
GRAPH 10
RESPONDENTS PREFERENCE TO INVEST THEIR MONEY :-
53%
52%
52%
51%
50%
49%
48%
48%
47%
46%
INSURACE
COMPANY
BANK
INTERPRETATION
The above figure shows that most of the respondents are preferred to invest their money
in bank rather than insurance sector.
TABLE 11
RESPONSE
NUMBER OF
RESPONDENTS
PERCENTAGE OF
RESPONDENTS
YES
47
94 %
NO
6%
TOTAL
50
100 %
INFERENCE: From this table it could be inferred that 94% of the consumers are
satisfied with the service and quality of products of their life insurance companies. Only
6% of consumers are not satisfied.
GRAPH 11
SATISFACTION OF RESPONDENTS WITH CURRENT LIFE INSURANCE
COMPANY :-
100%
94%
90%
80%
70%
60%
50%
40%
30%
20%
6%
10%
0%
YES
NO
INTERPRETATION
From the above figure it could be inferred that most of the consumers are satisfied with
the service and quality of products of their life insurance companies.
TABLE 12
RATINGS
NUMBER OF
RESPONDENTS
PERCENTAGE
OF
RESPONDENTS
EXCELLENT
14 %
VERY GOOD
12
24 %
GOOD
20
40 %
AVERAGE
11
22 %
POOR
0%
TOTAL
50
100 %
INFERENCE: From this table it could be inferred that 40% of the consumers have rated
service offered as good, 24% of them have rated them as very good, 22% of them have
rated as average and 14% of them have rated as excellent.
GRAPH 12
45%
40%
40%
35%
30%
24%
25%
22%
20%
15%
14%
10%
5%
0%
PO
O
R
VE
R
A
G
E
A
O
O
D
G
G
O
O
D
VE
R
Y
EX
C
EL
LE
N
T
0%
INTERPRETATION
From the above figure shows that most of the respondents have rated their current life
insurance companies performance as good.
TABLE 13
RESPONSES
NUMBER OF
RESPONDENTS
PERCENTAGE OF
RESPONDENTS
YES
39
78 %
NO
11
22 %
TOTAL
50
100 %
INFERENCE: From this table it can be noted that the majority of consumers (78%)
would like to communicate the service offered by life insurance companies and 22% of
consumers would not like to communicate the service offered.
GRAPH 13
CONSUMERS WILLINGNESS TO COMMUNICATE THE SERVICE OFFERED
BY THEIR LIFE INSURANCE COMPANY
90%
80%
78%
70%
60%
50%
40%
30%
22%
20%
10%
0%
YES
NO
INTERPRETATION
From the above figure it can be noted that the majority of consumers would like to
communicate the service offered by life insurance companies
TABLE 14
NUMBER OF LIFE
INSURANCE
COMPANY KNOWN
NUMBER OF
RESPONDENTS
PERCENTAGE OF
RESPONDENTS
<5
29
58 %
57
18
36 %
8 10
4%
>10
2%
TOTAL
50
100 %
INFERENCE: This table helps us to know the consumer awareness about the life
insurance companies. 58% of the consumers are aware about less than 5 life insurance
companies, followed by 36% consumers who know 5 to 7 life insurance companies.
GRAPH 14
NUMBER OF LIFE INSURANCE COMPANY KNOWN BY RESPONDENTS :-
70%
60%
58%
50%
40%
36%
30%
20%
10%
4%
2%
0%
<5
5 TO 7
8 to 10
> 10
INTERPRETATION
The above figure shows that most of the respondents are aware about, around five
companies
TABLE 15
SCORES OF DIFFERENT LIFE INSURANCE COMPANIES :-
COMPANIES
SCORES
RANK
LIC
345
ICICI PRUDENTIAL
211
HDFC
194
TATA AIG
123
ING VYSYA
121
BAJAJ ALLIANZ
118
MET LIFE
90
OTHERS
41
GRAPH 15
SCORES OF DIFFERENT LIFE INSURANCE COMPANIES :-
9
8
8
7
7
6
6
5
5
4
4
3
3
2
2
1
1
S
ER
O
TH
JA
LI
FE
Z
N
A
LL
I
A
M
ET
VY
SY
A
IG
A
TA
DF
C
TA
IN
B
IC
IC
IP
R
EN
TI
A
LI
C
INTERPRETATION
From the above figure it can ranked the life insurance companies, LIC stands first,
followed by ICICI Prudential followed by HDFC Standard life, followed by TATA AIG.
The majority of respondents belong to the age group of 19 to 28 years with 56%
followed by age group of 29 to 38 years with 18%.
The male consumers capture the Market share with 74%, followed by the female
consumers with 26%.
The majority of the consumers of life insurance policies are private employees with
48% and Government employees with 40%
The dominant income group having life insurance group belong to the group of 5001
to 10,000 followed by 10,001 to 15,000.
The factors which influenced to buy life insurance policy is the personal factor,
followed by family, friends, agents and advertisements.
The value of respondents life insurance policy costs more than 5, 00,000 followed by
1, 00,000 to 5, 00,000.
Majority of the people (52%) prefer to invest in bank others (48%) prefer to invest in
insurance company.
Majority of consumers are satisfied with the service and quality of products of their
life insurance companies.
Majority of consumers(58%) are aware about less than 5 life insurance companies.
LIC stands first followed by ICICI prudential, followed by HDFC Standard Life.
CONCLUSION
This study titled Study of Consumers Perception about Life Insurance Policies enables
the Life Insurance Companies to understand how consumers perception differs from
person to person. How a consumer selects, organizes and interprets the service quality
and the product quality of different Life Insurance Policies, offered by various Life
Insurance Companies
The response of the insurance companies has been very positive and within a short span
on time, the Indian insurance market scenario has seen a perceptible change in terms of
improved customer service benchmarks and introduction of innovative and tailors made
products.
Most of the insurance majors have represented in the form of joint venture in Indian
market.
The new products that have been introduced by the companies have certain innovative
features in terms of better customer services and also wider covers. This has given
customer ample choice to select products.
With regard to insurance products, consumers respond at different rates, depending on the
consumers characteristics. Hence Insurance companies should try to bring their new
product to the attention of potential early adopters.
a) Due to the intense competition in the life insurance market, the life insurance
companies have to adopt better strategies to attract more customers.
b) Keeping the cost, quality and return on investment in tact is necessary in order to
tackle the competition.
c) Life insurance products are taken mainly by middle and higher income group.
Hence they should be regarded as maim targeted income groups. Life insurance
products which are suitable for lower income group should also be released so
that the market share increases.
g) The LIC brand name has earned a lot of goodwill and enjoys a high brand equity.
As there is intense competition in life insurance market, LIC should work hard to
maintain its top position and offer better service and product.
QUESTIONNAIRE
A STUDY CONDUCTED TO UNDERSTAND THE CONSUMERS
PERCEPTION ABOUT LIFE INSURANCE POLICIES
1. Name :
2. Age:
3. Address:
3 a. Phone number:
4. Occupation:
5. Monthly income:
<5000
15,001-20000
5001-10,000
20,001-25,000
10,000-15,000
>25,000
6. Do You Own
House
Two Wheeler
Car
Company Reputation
Product Quality
Friends
Advertisements
Family
others
10,000-25,000
>1,00,000
25,000-50,000
Bank
12. Are you satisfied with your current Life Insurance Company?
Yes
No
If Yes Why?___________________________________________
If No Why?___________________________________________
13. How do you rate the service offered by your Life Insurance Company?
Excellent
Average
Very Good
Poor
Good
14. Would you like to communicate the service offered by your Life Insurance
Company to others?
Yes
No
15.
5-7
8-10
>10
Thank You.
BIBLIOGRAPHY
TEXT BOOKS :-
1) Services Marketing
Ravi Shankar.
2) Marketing Management
Philip Kotler.
3) Consumer Behaviour
Leon G Schiffman
Lestie Lazar Kanwk.
WEBSITES :WWW.GOOGLE.COM
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